PD&MS Group, the Aberdeen-based engineering services firm turning over more than £86 million a year from operations around the world, has been acquired for an undisclosed sum.
It was owned by London-headquartered Inflexion Private Equity Partners, which had acquired it in 2014 – from Equistone Partners Europe – in a deal worth more than £50 million.
The new owner is environmental, engineering and technical services firm RSK Group, which has its headquarters in Helsby, Cheshire.
Acquired firm employs 540 in Aberdeen
PD&MS is currently celebrating its 21st year,
It employs about 540 people in Aberdeen, working in and from an imposing building looking out over the River Dee on North Esplanade West. There is also an operations base in Azerbaijan. Globally, the company employs around 700 people.
The firm works with heavy hitters in the energy industry, providing full-life-cycle expertise in consultancy, engineering, procurement, construction, commissioning and decommissioning for the oil and gas sector. It is increasingly active in renewables.
We see RSK Group as the perfect home for the business moving forward.”
PD&MS chief executive Simon Rio, who has led the business for 10 years and will continue to do so, said: “We see RSK Group as the perfect home for the business moving forward, owing to its world-leading expertise in environmental and sustainability solutions.
“This deal represents a landmark moment in the evolution of PD&MS and will enable us to significantly accelerate our growth in new energy markets, while continuing to support our conventional energy clients to maximise economic recovery and play a pivotal role in their energy transition journeys.
“Our increased offering as part of RSK Group will further enhance the scale and impact we can make to help our growing customer base produce affordable, secure and sustainable energy.”
RSK chief executive Alan Ryder said: “As international economies move towards their net-zero targets, PD&MS can help by dealing with all critical assets, with a particular expertise in brownfield developments.
“The company has an exceptional reputation and track record of growth and diversification through periods of market transition. With its foundations in oil and gas services, PD&MS is now using its transferrable skills on projects, and to build momentum within renewables and low carbon.”
Mr Ryder added: “This acquisition is of major significance for RSK. It further emphasises our own growth, presence and reputation within the renewable energy sector and, with many synergies with other RSK businesses, we aim to be able to share expertise and work on an increased international scale.”
Last published accounts for PD&MS show losses
Accounts lodged at Companies House show PD&MS turned over £86.6m in the year to June 30 2022, up from £81.6m in the previous 12 months.
The company suffered pre-tax losses of £9.3m in the latest period, following a trading shortfall of £9.4m the year before.
PD&MS – founded in 2002 – has joined more than 200 companies owned by RSK. The group employs about 12,000 people and in the year to April 2 2022 turned over £796m.
No negative impact on jobs
Energy Voice, sister website to The Press and Journal, has been told there are no job cuts associated with the acquisition.”
PD&MS and RSK added: “This acquisition has its foundation in further investment, increased innovation, and growth.”
Nearly 50 jobs were saved and about the same number were expected to be created when PD&MS acquired engineering consultancy Optimus (Aberdeen) out of administration last year.
